Buildings under construction in Riyadh, Saudi Arabia, March 1, 2017. REUTERS/Faisal Al Nasser
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Saudi Arabia's 200 billion-riyal ($53 billion) lifeline to its non-oil economy may be in place for longer than planned as the kingdom supports industries struggling to cope with reforms that pushed up costs and dampened demand. The program is earmarking 36 billion riyals to boost private-sector growth this year, on top of the 40 billion riyals already spent, according to Naif al-Rasheed, managing director of the Private Sector Stimulus Office. It's also looking for ways to allocate the remainder of about 77 billion riyals it has in its budget, according to Rasheed.The spending planned by 2021 is expected to contribute more than 150 billion riyals to the economy and create more than 86,000 jobs, he said.Spending by the stimulus office has benefited over 313,000 companies, accounting for almost 70 percent of all active businesses, Rasheed said.
FOLLOW THIS ARTICLE